Wolfspeed (NYSE:WOLF) Stock Price Up 14% – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) rose 14% on Thursday . The company traded as high as $66.90 and last traded at $66.8450. Approximately 1,544,252 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 3,548,954 shares. The stock had previously closed at $58.62.

Analyst Ratings Changes

WOLF has been the topic of a number of recent research reports. Zacks Research upgraded Wolfspeed to a “hold” rating in a report on Monday, February 9th. Piper Sandler restated an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Price Performance

The stock has a market capitalization of $3.37 billion and a P/E ratio of -6.61. The company has a 50 day simple moving average of $31.00 and a 200-day simple moving average of $23.07.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The business’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.72) earnings per share.

Institutional Trading of Wolfspeed

Several hedge funds have recently made changes to their positions in the company. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed in the fourth quarter valued at $293,400,000. Capital Research Global Investors bought a new stake in shares of Wolfspeed in the third quarter valued at $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after buying an additional 906,968 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares during the period. Finally, UBS Group AG raised its stake in shares of Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares during the period.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.